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QuickBooks Pro 2010 Review
Finance Software Reviews
Review of QuickBooks Accounting Pro Edition 2010
New Features
The new QuickBooks Pro 2010 Edition release includes a number of new features and improvements:
Company Snapshot. The real-time business overview which was first available in QuickBooks 2009 is now customizable. Choose the data that is most relevant for you to monitor (income/expense graph, account balances, outstanding client invoices, vendor payments, etc). Snapshot page is now printable.
Form Layout Design. New forms designer wizard provides a choice of 35 templates produced by graphic designers. More customization options also available. Users can obtain even more personalized designs from Intuit Creative Solutions at reasonable prices.
Electronic Check Processing. QuickBooks Pro now lets you deposit checks into your accounts electronically, by scanning or keying in check information. Service costs $59.95 for setup, plus a monthly fee of $19.95 and $0.23 for each transmitted check.
New Marketing Center. The new Marketing Center helps small businesses develop email marketing campaigns. This feature can look at your QuickBooks data to identify customers to be targeted for marketing efforts. First 500 emails are free, next 500 emails cost $7.50.
New Intuit Apps Center. The new Apps Center contains 25 business programs to help with areas such as CRM, project management and online storage. Most programs have monthly subscription charges, with free trials. The apps will connect to customers' QuickBooks data.
Re-designed Report Center. New Report Center helps you search and find reports more easily. New views include the Carousel view.
Scanning and Document Management. Users can now scan documents and attach them to customer records. Documents can be saved locally or securly stored online and shared with other users or accountants. Users receive 100MB free storage, after which extra storage costs $4.95/month.
Company Setup
During the setup interview, you can select your industry from among 30 different industry types and corresponding charts of accounts. QuickBooks Pro uses the industry selected as a guide to set up features and accounts relevant for you - creating income & expense categories, sales tax, inventory management, estimates and sales orders features, where appropriate. (Chart of accounts can be modified anytime afterwards, if necessary.)
Those more familiar with QuickBooks can choose to skip the interview to set up company information on their own. The program also contains product and service-based sample company files as examples.
The QuickBooks Conversion Tool can be used to easily convert Peachtree or Microsoft Office Accounting data to QuickBooks.
Customer/Vendor Details
You can easily view customers with open balances along with the balance amount and customer contact information, all on one screen.
All transactions processed with customers/vendors are listed on a separate tab and organized by transaction type (e.g. invoices, purchase orders, received payments, bill payments, credit memos, etc) and these transactions can be further filtered for searching (e.g. received payments filtered by cash, check, American Express). Views here are customizable too. Transactions can be edited from this window by double-clicking.
The Customer Center also provides details on jobs set up for any customers, for tracking purposes. Details include job status, start date, projected end date & end date.
Payroll
Basic Payroll
With the Basic option you can print paychecks yourself in the program or offer employees direct deposit (additional fees apply). QuickBooks Basic Payroll downloads up-to-date tax tables and automatically calculates earnings, deductions, and federal & state tax payments. You can share information with your accountant and generate payroll reports. You'll need to fill in your payroll tax forms manually. The annual subscription fee is $99 for up to 3 employees then $199 for unlimited employees.
Enhanced Payroll
Offers same features as Basic Payroll but also fills in latest federal & state payroll tax forms for you. You just need to print, sign and mail, or E-File & pay to submit payment electronically. Also tracks Workers' Compensation. Live callback support via web request is provided. The annual charge is $199 for up to 3 employees and then $299 for unlimited employees.
Assisted Payroll
With QuickBooks Assisted Payroll, users simply fill in employee hours and the program deals with everything else. A payroll set up specialist can work with you to set up your payroll (e.g. employee wages & withholdings, employer contributions, health insurance & retirement plans, worker's compensation tracking, deposit dates). They can also help you run your first payroll from start to finish.
Assisted Payroll will prepare and send forms, tax deposits and filings by the required deadlines, with a no penalty guarantee provided. QuickBooks creates the tax forms for you based on answers to questions in the interview and based on your payroll data. QuickBooks will also check your forms for accuracy.
You can access the Payroll Tax Center at any time to keep up to date with completed quarterly and yearly deposits and filings submitted for you, if online.
There's also free access to live phone support. Annual subscription charges are $59/month for up to 15 employees. (For more than 15 employees, add $2 per employee/month).
Other Small Business Software
MYOB's Premier Accounting products (priced starting at $299) offers all the accounting features necessary including more customizable reports (200 plus). The program may be more suited to those with basic accounting knowledge. MYOB's Accounting 101 guide is provided and is a great tutorial for those without an accounting background, introducing users to basic accounting principles. Advanced job tracking provided and MYOB's time billing command center integrates with payroll, invoicing and job tracking. 15 time billing reports are available; productivity reports compare time tracked to time billed. Technical support is free for 30 days (by phone). Premier Accounting also comes with human resources software, a Customer Appointment Manager, and a logo creator. The money-back guarantee period is only 30 days (compared to 60 days for QuickBooks and Peachtree). More information on this accounting software is available on their site at MYOB Accounting Software.
NetSuite is a web-based system and is more expensive, priced at $99 a month (additional users $49/month). It is generally more suited to companies with more customer relationship management needs, and is particularly useful for companies with e-commerce business activities. The NetSuite Small Business program is set out in different accounting roles (i.e. for A/R, A/P, etc). Different individuals in the company can take on different roles and complete associated tasks. This is helpful for a medium-sized company; for smaller companies one individual could take on all roles. NetSuite Small Business is a good package for companies that are expanding. Important to bear in mind that the software cannot be downloaded - users will need to log onto NetSuite's site. For more information, visit their website at NetSuite Accounting Software.
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